MARIETTA, Ga. — President Trump told a crowd in Marietta, Ga. on July 22 that "affordability" was a word his political opponents invented, even as global oil markets were signaling trouble ahead.
The day after the rally, Brent crude rose more than 6 percent, climbing above $100 per barrel for the first time since late May. U.S. crude jumped for a second straight day, reaching nearly $92, its highest level since early June.
Trump said he first heard the word "affordability" at his inaugural press conference, when a reporter asked about rising egg prices. He described his response at the time: "I've been here one day. Don't worry. I'll take care of it."
The president blamed his predecessor Joe Biden and "radical left Democrats" for what he called "the worst inflation in 48 years," citing Treasury Secretary Scott Bessent as his source. Yale economist Stephen Roach has said the 2022 inflation surge was the worst in roughly 40 years, calling Trump's 48-year claim one of his "biggest economic lies."
At the rally, Trump pointed to positive indicators: eggs down, oil coming down, stocks up and flush 401(k)s. The stock market has recorded 73 all-time highs since his election. Consumer confidence, however, remains near historic lows — a divergence economists attribute to a market rally driven by bets on artificial intelligence that has not translated to lower grocery bills or more affordable mortgages.
Georgia gubernatorial candidate Rick Jackson, who spoke alongside Trump, offered a different framing. "Affordability is not a political problem," Jackson said. "Affordability is a business problem." The remark cut against Trump's practice of pinning high prices squarely on Biden.
On energy, Trump had predicted oil "will be coming — it's going to be tumbling down." He pointed to a collapsed deal with Iran three weeks earlier, saying, "They thought we had a deal. I said, 'I don't think we have a deal with these guys. They break every deal they make.'"
The oil surge that followed was tied to renewed Houthi attacks on Saudi Arabian oil tankers in the Red Sea — an escalation that undercut Trump's characterization of the conflict as a "skirmish" Iran wanted to end. Trump asked supporters for patience: "Just give me a little time."
Public opinion polls show a more than 30-point drop in voter approval of Trump's handling of the economy since his inauguration. His net rating on inflation and prices stands at -43, the lowest point of his current term.
The White House has rejected the idea that Democrats are gaining ground on the affordability message. The administration has taken steps to ease tariff pressure on consumers, with Trump scrapping tariffs last month on certain products not widely produced domestically, such as bananas and coffee.
Democrats continue to press affordability in their messaging, though some critics say the focus often bypasses major expenses like student debt.
